Can anyone share what to look for in Pensions plan in your consulting firm offer letter? like 'must haves' and 'good to have' in your pension plans. I am confused on how to know if the pension plan company is offering me is good. Anything in pension plan which we should have so as to save taxes when our total comp exceeds GBP100k? #postmba #consultantlevel

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Posting as :
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BCG 1 - i can invest atleast 5% and company wil match it with 7%

Must haves: legal minimum employer contribution

Nice to have: salary sacrifice

Pretty much it. Don’t assume a large employer contribution is a good thing - it’s strictly worse than additional cash comp with salary sacrifice.

Mck is 12% contribution.

Qb1 - ok makes sense, in my case I'm happy with the employer contribution because otherwise I'd surely spend it all 🤑

Only thing the plan needs to be efficient when your taxable income exceeds 100k, is to allow for you to make lump sum payments

Agree. 12% total contribution is at the low end and once you have cleared debts and enjoyed the first year of post MBA comp your thoughts will turn either to tax optimisation or home ownership (there isn’t a solution for both unless you have wealthy generous grandparents optimising inheritance tax).

Lump sum voluntary pension contributions (AVCs) are very tax efficient and I would expect most firm schemes to include as standard. You could also ask about fund ranges and fees but I would assume any firm with a substantial London office will have an industry standard platform (if it’s a small outpost of an overseas firm, maybe check).

Since you’re thinking about pensions, spend an hour after you start to optimise fund choices. A remarkable number of smart people don’t and the default option has been picked by people very different from you

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